Membership Share

All members using the services of the credit union must hold a membership in the credit union. Each member is required to hold one (1) share valued at $5.00 per share. These shares will be held in the members Reserve (Equity) Account. There will be no allocation to this account without special resolution of board. Allocation will be a distribution of earnings after payment of all expenses. Shares are not a savings or chequing account, but represent ownership in the credit union, entitling its shareholder to exercise democratic rights.

Member Profit Sharing

The Member Profit Sharing Program is a membership benefit of belonging to the Lafleche Credit Union. As a member you are entitled to share in the success of your Credit Union, by receiving allocations of surplus earnings based on patronage. The more business you conduct at Lafleche Credit Union, the bigger the allocation you will receive.

The amount allocated to members is determined by:

Net profit of the Lafleche Credit Union Limited;

The total interest earned by the member during the current year;

The total interest paid by the member during the current year.

Once equity builds to $5,000.00, the surplus and future payments are paid directly to you, the member, in cash.